Coronavirus impact hits wine producers as Asian market slows
Chris Wilson - Source: www.decanter.com
Some producers have reported a 90% drop in sales to China as consumers cut back, while a number of wine shows in China have been cancelled...
Credit: Photo by Tobias Rademacher on Unsplash
As the grip of the Coronavirus strengthens across the globe many wine producers and brands are starting to feel the pinch, especially those with a large Asian customer base.
The problem for producers is two-fold; Chinese consumers are cutting back dramatically on drinking and many shipments of wine remain stuck at Chinese customs.
With China being the one of the world’s largest luxury markets – multinational groups such as LVMH and Pernod Ricard do 30% and 10% of their business respectively in China – there is real concern among producers.
On the ground in China a number of wine shows have been cancelled or postponed. China International Alcoholic Drinks Expo (CIADE), TWC Chengdu Fine Wine Showcase, Sud de France Wine Roadshow – 2020 Spring Session and The China Food & Drinks Fair (CFDF) have all been affected.
Read the full article at: https://www.decanter.com/wine-news/coronavirus-wine-industry-as-asian-market-slows-432863/